Sector hub · 11 workflows · 16 news items
BDCs
- Business development companies: SEC-registered vehicles that hold mostly direct loans.
- Public (traded) and non-traded NAV BDCs with quarterly tender offers.
- A public window into private credit marks, PIK and non-accruals.
Where the hours go
- Quarterly valuation and SOI
- Earnings and peer comparisons
- Leverage and asset coverage
- Tender offers and redemption queues
AI workflows for this sector
Latest news
- Private credit
KBRA affirms MSC Income Fund (MSIF) at BBB-, issuer and senior unsecured; Outlook Stable
BBB- is the lowest investment-grade notch. KBRA ties positive momentum to unsecured debt of at least 60% of total debt and leverage within the target range. The non-accrual figure at cost is about three times the figure at fair value.
Source: KBRA ↗
- Private credit
Jefferies Credit Partners BDC cuts its CIBC revolver to $100m from $125m and extends it to Oct 8, 2027
A bank revolver is downsized and extended by one year as a lender exits. Track lender-group changes and commitment cuts alongside the price and sector-cap moves in other facility amendments.
Source: SEC Form 8-K (Jefferies Credit Partners BDC Inc.) ↗ · more ↗
- Private credit
S&P revises Blackstone Private Credit Fund (BCRED) outlook to Stable from Positive; affirms BBB-
The largest non-traded private credit BDC loses its Positive outlook ahead of final Q3 repurchase figures. 'BBB-' is the lowest investment-grade notch for a fund that issues unsecured notes.
Source: S&P Global Ratings ↗
- Private credit
26North BDC's JPMorgan facility amendment caps recurring-revenue loans at 15% and resets the advance rate to 55%
A second back-leverage lender in two weeks tightening the recurring-revenue (ARR) loan concentration limit — not a software sector cap. Test your own facility's concentration limits against a 15% ARR cap.
Source: SEC Form 8-K (26North BDC, Inc.) ↗ · more ↗
- Private credit
Carlyle Secured Lending sets Q3 2026 results for Nov 5 and its call for Nov 6
Adds a listed middle-market BDC to the Q3 earnings calendar. CGBD is not one of this site's seven reconciled BDCs, so this is a date only, with no holdings figures.
Source: SEC Form 8-K / press release (Carlyle Secured Lending) ↗
- Private credit
Fitch peer review of 8 US BDCs: non-accruals at 2.7% of cost; NII squeezed; one Outlook to Negative
A sector read on BDC credit before Q3 results. Check whether a non-accrual figure is at cost or at fair value before you benchmark against it.
Source: Fitch Ratings ↗
- Private credit
Fitch revises New Mountain Finance's Outlook to Negative, affirms 'BBB-'
'BBB-' is the lowest investment-grade rating, so the Outlook matters for a BDC that funds with unsecured notes.
Source: Fitch Ratings ↗
- Private credit
Main Street Capital pre-releases Q3 2026 results ranges and sets Nov 5–6 earnings schedule
First BDC pre-release of the Q3 season. Use the ranges as a calendar cue, then re-check the final 8-K/10-Q figures before anything goes into a memo.
- Private credit
TriplePoint Venture Growth sets Q3 results for Nov 4 and a $0.23 Q4 distribution
Venture-debt BDC calendar item: distribution and results date are set before the print. Separately track the Oct 14 release date and the Oct 15 filing date.
Source: SEC Form 8-K / press release (TriplePoint Venture Growth) ↗ (Release dated Oct 14, 2026; 8-K filed Oct 15, 2026)
- Private credit
Moody's: counting PIK amendments and extensions lifts the private credit default rate from 4.0% to 5.8%
Your default stats undercount stress if they ignore amendments. The amendment and PIK-switch monitors are how you see it in your own book first.
Source: Moody's Ratings (Sector In-Depth, 14 Oct 2026), via Private Equity Wire ↗ · more ↗
- Private credit
Fitch: Q3 tender requests at perpetual non-traded BDCs average 9.8% of shares; Fitch says nine exceeded the 5% cap
Requests above the 5% cap are pro-rated and often come back next quarter. Track the tender queue, not just the headline request rate.
Source: Fitch Ratings (Fitch Wire) ↗
- Private credit
BlackRock: software is about two-thirds of private credit's unrealised losses since Q4 2025
The debate is terminal value, not current EBITDA. Your software exposure view needs marks and retention by name, not a sector average.
Source: Alternative Credit Investor ↗
- Private credit
Facility lenders cap 'broad software' at 20.0% of Concentration Denominator for First Eagle's non-traded BDC
The filing itself gives no reason for the changes. AltsWire (Oct 7) frames software-cap risk separately; that framing is not a statement by First Eagle or its lenders. Test your own facility concentration limits against the new-style caps before the next amendment cycle.
Source: SEC Form 8-K / Exhibit 10.1 (AltsWire secondary) ↗ · more ↗
- Private credit
Octus: 48 loans ($2.5bn) switched to at least partial PIK in Q2, up from 32 ($1.3bn) in Q1
Cash-to-PIK switches show up in public SOIs one quarter later. That's a workflow an agent can run on every filing.
Source: Octus ↗
- Regulatory
SEC staff statement on fair value of private assets puts private credit marks, PIK and non-accrual disclosure in focus
Valuation committees need an evidence pack per mark: comps, other holders' marks, and why yours differs. That's assembly work an agent does well.
Source: SEC (Hohl, Daly) ↗ · more ↗
Public data: what you can and can't get
- 10-Q/10-K Schedules of Investments and XBRL on EDGAR; SEC BDC Data Sets (SEC states it cannot guarantee their accuracy)
- SC TO-I tender offer filings for non-traded BDCs
- Earnings call transcripts (often via paid services)
Sector descriptions are general and educational. Not investment advice.
BDC filings at a glance
Each reconciled BDC, 10-Q for the period ended 30 Jun 2026: fair value, fair value as a share of cost, holdings marked below 90% of cost.
- ARCC $29.3bn FV 98.8% of cost 198 <90
- BCRED $77.6bn FV 96.6% of cost 199 <90
- FSK $11.4bn FV 90.6% of cost 69 <90
- GBDC $8.2bn FV 97.8% of cost 172 <90
- HTGC $4.6bn FV 99.6% of cost 131 <90
- MAIN $5.7bn FV 115.4% of cost 116 <90
- OBDC $15.0bn FV 99.1% of cost 45 <90
Coming up: Q3 2026 BDC results
Expected, not confirmed; each links to the company notice.
| BDC | Filing | Expected date | Source |
|---|---|---|---|
| ARCC | Q3 2026 results | Tue Oct 27 | Company notice ↗ |
| HTGC | Q3 2026 results | Thu Oct 29 | Company notice ↗ |
| OBDC | Q3 2026 results | Wed Nov 4 | Company notice ↗ |
| FSK | Q3 2026 results | Thu Nov 5 | Company notice ↗ |
| MAIN | Q3 2026 results | Thu Nov 5 | Company notice ↗ |
| GBDC | FY2026 results (10-K) | Tue Nov 17 | Company notice ↗ |
| BCRED | Q3 2026 results | TBA | Not announced |
Worked examples on BDC filings
Use-case workflows run on public SEC filings and labeled SAMPLE data.
Worked example: 5,867 holdings from 7 BDC filings
Each dot is a holding from a BDC’s 30 Jun 2026 Schedule of Investments (7 lenders, one row each), placed by fair value as a share of cost. The marks workflow lists the tail with a link to each filing.
- SEC filingsWhich other BDCs lend to this borrower?Search 5,867 holdings and compare every holder’s cost, fair value and mark, each linked to its 10-Q.Explore the data →
- SEC filingsSoftware exposure by BDC$33.9bn of fair value under software industry headings at six BDCs, tied to each filer’s industry table within 0.5%.Explore the data →
- SEC filingsSame-loan mark dispersionDebt holdings where reconciled BDCs mark the same seniority ≥10 pts apart.Explore the data →
- EDGAR exhibitCredit agreement scanBaskets, add-back caps and J.Crew/Serta/Chewy language in a real EDGAR-filed term loan, with section cites.Explore the data →
- SAMPLE dataABF tape anomaly hunterTen data checks on a SAMPLE consumer loan tape, scored against planted breaks.Explore the data →
- SAMPLE dataNAV facility LTV stressStress a SAMPLE fund’s NAV facility against its LTV covenant and cash sweep.Explore the data →